Car Insurance and FI
01-19-2006, 07:10 AM
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Car Insurance and FI
As some of you know, I just purchased a Greddy TT kit.
As we all know, forced induction setups cost a healthy chunk of change.
Enough that I am concerned about loss due to theft or collision.
For my FI friends:
1) Did you call your insurance company to get additional coverage for your FI setup? If so, how much, as a %, did your monthly premium go up?
2) If you DO NOT have coverage for your FI setup:
Have you been in an accident that damaged your FI setup or had your car stolen?
If so, did the insurance company cover the cost of your FI setup if you could show receipts?
3) If you DO have coverage for your FI setup:
Same questions as 2) above.
Thanks for your input!!!!
As we all know, forced induction setups cost a healthy chunk of change.
Enough that I am concerned about loss due to theft or collision.
For my FI friends:
1) Did you call your insurance company to get additional coverage for your FI setup? If so, how much, as a %, did your monthly premium go up?
2) If you DO NOT have coverage for your FI setup:
Have you been in an accident that damaged your FI setup or had your car stolen?
If so, did the insurance company cover the cost of your FI setup if you could show receipts?
3) If you DO have coverage for your FI setup:
Same questions as 2) above.
Thanks for your input!!!!
01-19-2006, 09:05 AM
#2
This was a huge concern for me too as I have invested in access of the car's original value... My insurance company didn't want to touch it, and it was pretty funny trying to explain forged internals to the local insurance rep... I don't drive the car much, and I have other daily drivers for running around town and daily commuting which qualified me for insurance with Grundy, Collector Car Insurance. Also, NJ has Collector Car registration as well; I no longer need to worry about emission or getting hassled by the ‘man’ for a loud exhaust or other performance mods…
They inspected the car and gathered appraisals - - - My total coverage will cover my entire investment and I sleep well at night knowing that I’m covered in the event of a theft or worse...
They inspected the car and gathered appraisals - - - My total coverage will cover my entire investment and I sleep well at night knowing that I’m covered in the event of a theft or worse...
01-19-2006, 09:29 AM
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I'm an insurance agent in FL and I deal primarily in Auto.
let me tell you this about your ideas.
1) If you were to tell your company what you've got on your car, they'd probably drop you simply because of the assumed risk. Yes, they can do that.
2) If they don't drop you, its highly unlikely they'll even consider covering it for extra. That is, if they don't laugh at you first.
3) If by some weird anomaly, they do cover it, expect your premium to go up at least 50% because of the implied risk of such major mods, or the idea that they might expect you to take it to the track (which is not covered, btw. The moment you drive onto property that a track is located, your insurance is void)
So, when it comes down to it......modding your car is a financial risk you'll have to take on your own.
let me tell you this about your ideas.
1) If you were to tell your company what you've got on your car, they'd probably drop you simply because of the assumed risk. Yes, they can do that.
2) If they don't drop you, its highly unlikely they'll even consider covering it for extra. That is, if they don't laugh at you first.
3) If by some weird anomaly, they do cover it, expect your premium to go up at least 50% because of the implied risk of such major mods, or the idea that they might expect you to take it to the track (which is not covered, btw. The moment you drive onto property that a track is located, your insurance is void)
So, when it comes down to it......modding your car is a financial risk you'll have to take on your own.
01-19-2006, 10:11 AM
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I had a Greddy TT setup and I am w/AAA. I got into an accident and they told me the car was worth X, it was the value they came up with for stock. There was no way I was going to take it so I told them they needed to do better. They had the car appraiser and the appraiser gave me a value that was significantly higher than what I had paid for everything. I know that will not ahppen all the time, but if you have good insurance and something happens, you can get an appraisal or you can show receipts. One thing to remember is they will not cover your $10,000 stereo, but if the things you want replaced or paid for then they have to be integral to the running of the car.
In other words when I gave them the list of my mods, which included gauges and engine management I told them the car could not run "safely" without these things, therefore they were needed to drive the car. Also, after this my rates did not go up, I am in the process of building a new monster. And if something happens I will make them pay me again.
The bottom line is that if it is a good insurance company you can work the system to work out in your favor. You just need to know the right things to say.
In other words when I gave them the list of my mods, which included gauges and engine management I told them the car could not run "safely" without these things, therefore they were needed to drive the car. Also, after this my rates did not go up, I am in the process of building a new monster. And if something happens I will make them pay me again.
The bottom line is that if it is a good insurance company you can work the system to work out in your favor. You just need to know the right things to say.
01-19-2006, 10:14 AM
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Originally Posted by Navygolf13
I had a Greddy TT setup and I am w/AAA. I got into an accident and they told me the car was worth X, it was the value they came up with for stock. There was no way I was going to take it so I told them they needed to do better. They had the car appraiser and the appraiser gave me a value that was significantly higher than what I had paid for everything. I know that will not ahppen all the time, but if you have good insurance and something happens, you can get an appraisal or you can show receipts. One thing to remember is they will not cover your $10,000 stereo, but if the things you want replaced or paid for then they have to be integral to the running of the car.
In other words when I gave them the list of my mods, which included gauges and engine management I told them the car could not run "safely" without these things, therefore they were needed to drive the car. Also, after this my rates did not go up, I am in the process of building a new monster. And if something happens I will make them pay me again.
The bottom line is that if it is a good insurance company you can work the system to work out in your favor. You just need to know the right things to say.
In other words when I gave them the list of my mods, which included gauges and engine management I told them the car could not run "safely" without these things, therefore they were needed to drive the car. Also, after this my rates did not go up, I am in the process of building a new monster. And if something happens I will make them pay me again.
The bottom line is that if it is a good insurance company you can work the system to work out in your favor. You just need to know the right things to say.
01-19-2006, 10:27 AM
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Thats a good thing. I would think if you have documentiation they will apy up eventually, it is just a matter of how much you want to fight. The other things is that if they do not cover it then you own it and have the right to take it off the car, and if that means your built engine it is yours.
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01-19-2006, 10:34 AM
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Originally Posted by chimmike
I'm an insurance agent in FL and I deal primarily in Auto.
let me tell you this about your ideas.
1) If you were to tell your company what you've got on your car, they'd probably drop you simply because of the assumed risk. Yes, they can do that.
2) If they don't drop you, its highly unlikely they'll even consider covering it for extra. That is, if they don't laugh at you first.
3) If by some weird anomaly, they do cover it, expect your premium to go up at least 50% because of the implied risk of such major mods, or the idea that they might expect you to take it to the track (which is not covered, btw. The moment you drive onto property that a track is located, your insurance is void)
So, when it comes down to it......modding your car is a financial risk you'll have to take on your own.
let me tell you this about your ideas.
1) If you were to tell your company what you've got on your car, they'd probably drop you simply because of the assumed risk. Yes, they can do that.
2) If they don't drop you, its highly unlikely they'll even consider covering it for extra. That is, if they don't laugh at you first.
3) If by some weird anomaly, they do cover it, expect your premium to go up at least 50% because of the implied risk of such major mods, or the idea that they might expect you to take it to the track (which is not covered, btw. The moment you drive onto property that a track is located, your insurance is void)
So, when it comes down to it......modding your car is a financial risk you'll have to take on your own.
01-19-2006, 12:26 PM
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Originally Posted by SungNamZ
I had been putting off asking my insurance company the cost of a supplemental to cover the cost of all my mods ($16,000) for way toooo long. Provided them a list and in some cases receipts, pictures and written replacement cost per shop that does my work. My premium increased $35 per month...
01-19-2006, 01:43 PM
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Well, I just got put on notice myself. Or more precisely, my agent said they would only cover the OEM parts of the car or the replacement of my aftermarket parts with OEM pieces.
I have been building this for over 1 year now and they have been OK with it up to about 20K in parts (provided I sent them receipts) and my payments never increased. Now they have decided with my recent set of mods the car falls into 'Show Car' quality and they would like to see me find another company that is willing to cover the aftermarket parts.
I am now being told to contact Grundy and Hagerty for assistance. Should work out without much hassle.
I have been building this for over 1 year now and they have been OK with it up to about 20K in parts (provided I sent them receipts) and my payments never increased. Now they have decided with my recent set of mods the car falls into 'Show Car' quality and they would like to see me find another company that is willing to cover the aftermarket parts.
I am now being told to contact Grundy and Hagerty for assistance. Should work out without much hassle.
01-19-2006, 03:42 PM
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I work for a local state farm agent, i know state farm will pay out full replacemnet cost on aftermarket parts as long as you can come up with all your reciepts during the claim process
01-19-2006, 03:59 PM
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Are you guys saying you should tell them upfront? and they will agree to cover parts cost for everything. Nationwide was fine with that for me until I topped the $50k in parts now, their underwriters have through a caution flag on my policy.
Or are you suggesting to not say anything until after something has happened and the claims adjustor is there?
I mean, say for example the car is stolen. Heck now you do not even have anything for them to look at to prove you actually had those parts in the car?
Just curious.
Or are you suggesting to not say anything until after something has happened and the claims adjustor is there?
I mean, say for example the car is stolen. Heck now you do not even have anything for them to look at to prove you actually had those parts in the car?
Just curious.
01-19-2006, 04:12 PM
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Originally Posted by BamBam
Are you guys saying you should tell them upfront? and they will agree to cover parts cost for everything. Nationwide was fine with that for me until I topped the $50k in parts now, their underwriters have through a caution flag on my policy.
Or are you suggesting to not say anything until after something has happened and the claims adjustor is there?
I mean, say for example the car is stolen. Heck now you do not even have anything for them to look at to prove you actually had those parts in the car?
Just curious.
Or are you suggesting to not say anything until after something has happened and the claims adjustor is there?
I mean, say for example the car is stolen. Heck now you do not even have anything for them to look at to prove you actually had those parts in the car?
Just curious.
take lots of pics, chances are if you have 50k in mods you prob have a good amount of pics to back it up....
01-19-2006, 04:19 PM
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Originally Posted by Alberto
Id think if you can provide receipts for your aftermarket parts then any decent company would cover you.
legally, in most states, they're not required to. If you don't report it to them initially, there's really no law saying they have to beyond a certain amount.
01-19-2006, 04:38 PM
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If you are insured and have proof then they do have to cover it. Again if all your parts are stereo then they won't. But, they will if the car needs it to run. Like I said, you need all the other parts to be safe once the TT is on. I did not tell them up front, but once it came down to it I made sure that I got my money.
01-19-2006, 05:02 PM
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Well, with building the engine and all the other underhood goodies, then add on the vertical doors, CF interior, racing seats and stereo mods. I just as soon make sure they know and agree upfront to pay for any incidents.
Yes, having lots of pictures taken whenever I can.
Yes, having lots of pictures taken whenever I can.
01-19-2006, 05:53 PM
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that brings up a different point:
What can one do to get insurance at the track? I'm sure that the pro cars have insurance. Are there insurance agencies that cover legal racing events?
I know NHRA provides a Life Insurance as part of their membership but I have never seen anything about car insurance.
Anyone know?
What can one do to get insurance at the track? I'm sure that the pro cars have insurance. Are there insurance agencies that cover legal racing events?
I know NHRA provides a Life Insurance as part of their membership but I have never seen anything about car insurance.
Anyone know?
01-19-2006, 06:27 PM
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Originally Posted by BamBam
Well, I just got put on notice myself. Or more precisely, my agent said they would only cover the OEM parts of the car or the replacement of my aftermarket parts with OEM pieces.
I have been building this for over 1 year now and they have been OK with it up to about 20K in parts (provided I sent them receipts) and my payments never increased. Now they have decided with my recent set of mods the car falls into 'Show Car' quality and they would like to see me find another company that is willing to cover the aftermarket parts.
I am now being told to contact Grundy and Hagerty for assistance. Should work out without much hassle.
I have been building this for over 1 year now and they have been OK with it up to about 20K in parts (provided I sent them receipts) and my payments never increased. Now they have decided with my recent set of mods the car falls into 'Show Car' quality and they would like to see me find another company that is willing to cover the aftermarket parts.
I am now being told to contact Grundy and Hagerty for assistance. Should work out without much hassle.
We met at AAM. I have your car's little brother. It's was the same out of the factory at least.
I saw your car in the shop when I had UTEC added. It was stripped down, in the process of the engine build. Can't wait to see the final result.
BTW, I ordered a Greddy kit and it should be installed by mid-February.
Thanks for the info. I thought I'd be proactive in trying to understand my options, or lack thereof.
I'll talk to you soon...
Rob